Common use of Valuation of Ship Clause in Contracts

Valuation of Ship. The market value of the Ship shall be determined (i) on the date each compliance certificate is provided in relation to the annual accounts of the Borrower, (ii) upon request of the Agent (acting on the instructions of the Majority Lenders) 6 months after a valuation was last submitted (whether under this Agreement or the Original Loan Agreement) and (iii) upon the request of the Agent if the Agent considers that an Event of Default has occurred or that there may be a risk that the requirements of Clause 15.1 are not then being complied with. The “Fair Market Value” of the Ship is that shown by the average of 2 valuations each prepared:

Valuation of Ship. The market value of the Ship shall be determined (i) on delivery of the Ship, (ii) on the date each compliance certificate is provided in relation to the annual accounts of the Borrower, (iiiii) upon request of the Agent (acting on the instructions of the Majority Lenders) 6 months after a valuation was last submitted (whether under this Agreement or the Original Loan Agreement) and (iiiiv) upon the request of the Agent if the Agent considers that an Event of Default has occurred or that there may be a risk that the requirements of Clause 15.1 are not then being complied with. The “Fair Market Value” of the Ship is that shown by the average of 2 valuations each prepared: